S
ilverstone, a Dallas-based firm, sold its senior living facility in Palm Beach County for $23.5 million as part of a three-way deed in lieu of foreclosure deal. The two-story, 136-unit building at 8785 Lake Worth Road was rebranded Alamar Senior Living from HarborChase and sold to Walton Street Capital. This type of deal typically involves an owner handing over property title to its lender, but Silverstone used the sale proceeds to pay off the outstanding loan with MidCap Financial.

    The facility was developed in 2018 on an 11.8-acre site after a $20.8 million loan from BBVA USA in 2016. The loan was reassigned to MidCap in 2021, increasing the debt to $25 million. Walton took out a new $17.7 million loan for its purchase from MidCap. This deal highlights that South Florida landlords are not immune to financial difficulties.

    Elevated interest rates and other challenges have affected the region's market. Lender Värde Partners recently filed a foreclosure suit against Affinius Capital over a $77.4 million loan, while Woodforest National Bank sued to foreclose on loans for a Hollywood warehouse. These cases demonstrate that South Florida is not immune to financial woes despite its reputation as a haven for leasing and investment activity.